America's most-hated industries
Recent polling suggests that overall economic conditions play a significant role in shaping public perceptions of some of the industries we rely on. Among those we hate: oil and banking.
Americans are not happy with the government. But for the first time in a long while, it is not the most-hated sector of the economy.
That honor now belongs to the oil and gas industry, the result of climbing pump prices and images from the BP oil spill that remains fresh in the minds of many people.
A new poll conducted by Gallup asked thousands of Americans how they feel about 25 of the nation's largest industries -- positive, neutral or negative. The computer industry came out on top, with 73% of respondents reporting positive feelings. At the other end of the spectrum, just 22% are positive about banking and more than 60% are negative.
The website 24/7 Wall St. used that poll and other data to assemble this list of the most-hated industries in the private sector.
Generally, consumers are most positive about the sectors where they spend their discretionary dollars -- for leisure or entertainment. Among the top-ranked sectors are the Internet, restaurants, retail and computers.
Conversely, the industries that received the most negative response are those that provided what consumers consider as necessities, notably financial services, energy and pharmaceuticals.
Many of those industries have long been regarded negatively. In some instances, though, perceptions have improved in recent years. In health care, for instance, positive perception increased from 27% in 2011 to 42% this year, according to the survey.
Negative attitudes toward banking and real estate intensified in recent years, possibly as a result of the subprime mortgage crisis. Banking has seen the biggest increase in negative image since the survey was first conducted, with 53% of respondents reporting negative feelings this year, up from 23% in 2001.
Frank Newport, editor-in-chief of Gallup, noted that Americans' negative feelings toward the real estate industry are not directed at real estate agents. "We're not thinking about our local Remax estate agent, who's a nice person," Newport said. "We're think about the big repackagers of mortgages and subprime mortgages, and how those have all gone wrong."
In compiling its list of the 25 most hated sectors, 24/7 Wall St. considered the Gallup data as well as the American Customer Satisfaction Index (ASCI), which employs an econometric model to score industries on a 0-100 scale.
Here is a closer look at the top five:
1. Oil and gas
Negative rating: 61%
Last year, gas stations had a 74 on the American Customer Satisfaction Index, placing them 37th out of 48 industries included in the survey. Pump prices were on the rise as Gallup was performing its 2012 survey, Newport noted. "They see prices inexplicably zoom up and they're not sure why," he added.
Additionally, the industry's high profits and tax breaks it receives from government may contribute to the industry's poor public image.
The Gallup report also suggests that some Americans believe the industry has a poor environmental record. A fire broke out at one of Chevron's oil refinery in Richmond, Calif., earlier this month, resulting in thousands of emergency room visits and potentially harmful exposure to toxic fumes. Accidents like than can only harm the industry's image.
Negative rating: 53%
The industry's overall negative rating increased significantly over the past 11 years, rising to 53% today from 20% in 2001. The percentage of positive ratings has declined by nearly 50% since 2001.
The reason for the banking industry's poor image is fairly straightforward, as the sector has "been involved in major issues since (the demise of) Lehman Brothers in 2008, and it still looks like a problem," Newport said.
High fees for banking services may contribute to the negative image. Plus, a high volume of scandals in the United States and in Europe exposes flaws in the industry and undermine the public's confidence in its effectiveness.
Bank of America has built an infamous public image with false foreclosures, property seizures misleading mortgage adjustment programs and other controversial conduct. Scandals like these could be fueling the perception that the banking industry is only profit-oriented and functioning at the expense of the average American.
3. Health care
Negative rating: 42%
Of all the industries discussed by Gallup, health care saw the most positive change in the last year. Its positive image is also the best it has been since 2001.
The Gallup report suggests that these changes may reflect the effects of the Supreme Court's June decision upholding the Affordable Care Act, President Obama's signature domestic policy initiative.
Despite a 16% increase in positive ratings since 2001, the sector still polls as one of the most negatively perceived industries. Gallup's Newport noted that "although a lot of Americans in our surveys tell us they are actually satisfied with their personal health care . . . (the) image of the health care industry in general is more negative because Americans hear so many problems about it."
4. Real estate
Negative rating: 41%
Over a 10-year period, the real estate industry's negative rating increased by 105% -- an increase second only to banking industry's.
Additionally, the overall positive views of real estate have dropped by almost 20% in the last year alone.
Americans' low opinion of this industry is probably related to the mortgage crisis and the effects it has had on the economy, according to Newport, and has less to do with consumers' experiences as they engage with agents to buy or sell homes.
5. Pharmaceutical Industry
Negative rating: 38%
The pharmaceuticals sector is another that has seen its negative ratings soften a bit in recent months. Gallup reported a 10-point improvement -- to 38% negative from 48% -- over the past year.
A recent Harris-Interactive study reported that 46% of people believed the pharmaceutical industry ought to be more regulated, and it was among the industries least likely to be considered honest and trustworthy.
It would seem the industry's public image and trustworthiness suffers from frequent lawsuits by consumers and regulators alike, with consumers alleging the medications caused them harm and agencies charging the companies for illegal marketing or other regulatory violations.
The high cost of brand-name drugs also hurts the industry's public perception.
Go to 24/7 Wall St. for the full list
Related articles at 24/7 Wall St.
VIDEO ON MSN MONEY
They also missed that f-in dating service that just keeps posting this sh!t.
4 years ago, when gas prices were $3.20/gallon, all the Dems and half the country blamed Bush, Halliburton, Exxon, et al.
Now at 4.10/gallon, who gets the blame? Certainly not Obama! Why, that would be too truthful for the media.
Gee, how did they leave out lawyers, politicians, and journalists? (Oh yeah, they ARE journalists!)
Question: What's a 100 lawyers, politicians, and journalists at the bottom of the ocean?
Answer: A good start!
interesting how we hate the gas companies, during the last administration we hated the govt for the same reason. Somehow this clown gets a pass. I hate hypocrisy more than anything!
No 1 should be attorneys - they are running (and ruining) our country and making the price of everything more expensive with the outlandish judgements.
No 2 should be pharmaceuticals - I do not need someone to twell me I need to go to my doctor and ask for such and such a pill - that hgas more side effects than it will help me.
ATTORNEYS OR PHARMACEUTICELS SHOULD NOT BE ABLE TO ADVERTISE.
NO. 3 Banking - I worked in this field for 36 years - at one time it was about helping people with SOUND FINANCIAL ADVISE - now it is cram every product down your throat as a consumer.
That's because the last administration was PART of this industry!!
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market capped the trading week with losses across the major averages. The S&P 500 fell 0.5% to surrender its weekly gain, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-0.9%) underperformed. The two indices posted respective losses of 0.8% and 0.6% for the week.
Equity indices were pressured from the get-go after several heavyweights disappointed the market with their earnings and/or guidance, which led to some broader profit-taking. After ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'